Many scammers occupy the Internet with spam and fake ads promising renegotiation of any student loan.
No matter if you are a student or not, you cannot avoid them. Student loan spam is reaching every day your mailbox. You probably don’t pay attention to those e-mails expect may be if you are a student struggling with your loans. Or if you are a student close to a student loan default.
Spam leading to phishing
On the image below, you can see an example of what this spam looks like.
If you click on one of the proposed links, you will be redirected to a website asking for questions about you and your loan status. Then, you are invited to check your credit score on another website, which appears to be a classical credit card phishing attempt.
Spam leading to undue fees
One alternative for scammers about student loan spam is to pretend to be able to propose a renegotiated loan to student. By before getting a new loan, the scammer pretend you must pay application fees.
If a student loan renegotiation website seems professional and trusty, run away immediately when they ask you to pay fees ! During any loan process, the borrowers will never be asked to give money in order to receive money.
If you pay those advanced fees, the scammer will disappeared with your money. Or he will find a reason to ask you for more fees. In both cases you will not get a new loan. And you will get in deeper trouble as you will lose money whereas you probably don’t have a lot if you need a loan…
Recently the Consumer Financial Protection Bureau (CFPB), sent letters to major internet companies Google, Yahoo and Bing to do something to prevent student loan scams. Especially about dishonest ads targeting students and leading them to scams.
Do not trust the e-mails you receive or the ads you see on the Internet promising to renegotiate your loan. Those are scams !